The final Pillar in the framework is the Competition Pillar. There are 3 elements within the Competition Pillar that you must evaluate:
The focus of this element is to evaluate the number and size of your competitors.
The more competition you have, the harder it will be for you to acquire customers. If you’re in a very competitive market, it’s very important for you to have clear differentiation through a focus on market positioning.
The focus of this element is to evaluate how easy it is for your competitors to enter the market.
Barriers to entry can give you an initial advantage. If the barriers to entry are high, it’ll be difficult for competitors to enter your market; therefore, you can launch with a ‘more imperfect’ product.
The focus of this element is to evaluate your level of brand awareness.
In the long-run, investments in brand can give you a significant strategic advantage because it lowers the cost of acquiring new customers (CAC).
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